Vehicle loan or lease -- Managing the loan or lease -- Complaint #7080569
Complaint Overview
Complaint ID: 7080569
Company: Credit Acceptance Corporation
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Problem with the interest rate
State: Texas
ZIP Code: 778XX
Date Received: 2023-06-06T12:00:00-05:00
Date Sent to Company: 2023-06-06T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Toward the end of 2019, I was in the Market for a new car. I was approved by Credit Acceptance for a loan that I was not initally interested in but they told me that it was the only loan and interest rate that I qualified for becasue I did not have much credit history. I needed a car and accepted the loan because I was under the impression that there were no other options or interest rates available for me. In trying to communicate with them about interest rates and the cost of the car they often told me there is no one I can talk to and eneded up repossing my car within a year. I did agree to the payments but I was unaware of all the fees and all of the interest that they would charge me and when trying to explain my hardship of XXXX and other issues that I faced during this time, they were unwilling to listen and work something out with me. This caused the price of the car to continue to rise because of the excessive interest rate. I feel taken advantage of and it is even difficult for them to send me the terms of the contract that was signed. I would like to file this complaint because I have paid {$11000.00} and they can not tell me what has went to principal and what has went to interest. I have requested the contract agreement.
Frequently Asked Questions
What is Complaint #7080569 about?
Complaint #7080569 was filed against Credit Acceptance Corporation regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2023-06-06T12:00:00-05:00.
How did Credit Acceptance Corporation respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Credit Acceptance Corporation?
Yes, visit the Credit Acceptance Corporation company profile at readthecomplaint.com/company/credit-acceptance-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.